09.17.09
Seychelles visits AfDB to discuss capital increase
On September 11, 2009, the 10th meeting of the Governors’ Consultative Committee (GCC) of the African Development Bank’s (AfDB) board of governors was held in Tunis. Seychelles was represented at this meeting.
The committee was meeting with a view to consider proposals by the AfDB’s management for the 6th General Capital Increase (GCI).
It is worth noting that the AfDB board recently approved several fast crisis mechanisms. But this has led to a quicker consumption of the resources of the bank as well as accelerated demand for extra funding. Therefore, the bank started negotiating a 6th GCI much earlier than planned.
At the meeting, Seychelles was represented by Central Bank governor and AfDB alternate governor for Seychelles Pierre Laporte and executive director for Seychelles at the AfDB Peter Sinon.
The member countries of the GCC are as follows: Seychelles, Switzerland, the United States, Canada, Japan, Germany, Algeria, Burkina Faso, Congo, Egypt, France, Libya, Malawi, Morocco, Nigeria, Cote d’Ivoire, and Zimbabwe.